OTC derivatives and ETDs There are two broad types of derivatives: • over the counter (OTC) derivatives, and • exchange traded derivatives (ETDs) OTC derivatives may be sub-divided into: • non-cleared OTC derivatives, and • cleared OTC derivatives, which have features in common with both non-cleared OTC derivatives and ETDs For more information on OTC derivatives and ETDs, see Practice Notes: OTC and exchange traded derivatives—key features and concepts and OTC and exchange traded derivatives—documentation. Why are derivatives regulated? Derivatives trading is a significant area of financial activity which has long been regulated—however, the aim and extent of regulation of directives has changed since the global financial crisis of 2007–2008. Before the crisis, broadly: • ETDs were regulated because they were traded on public exchanges and there was a desire to protect market users and the public from fraud, manipulation, and abusive practices, but • OTC derivatives were regarded as private bilateral arrangements which could be left to the counterparties themselves and which did not require regulation The

A structured product is a hybrid investment product, which may be more or less complex, containing a combination of two or more disparate elements, for example debt securities and derivatives (swaps, futures and options). For each element of a structured product, consideration should be given to the regulatory requirements which apply generally to standalone transactions of that type. In addition, there are regulatory requirements which have specific relevance to structured products. This Practice Note describes the principal legislative frameworks in the EU and UK which: • govern debt securities and derivatives generally • have specific relevance to structured products, and • govern securitisations and covered bonds Structured products involving debt securities The legislative frameworks that govern the regulation of debt securities generally will be relevant for structured products that involve debt securities. For an overview of the principal frameworks, see Practice Note: EU and UK regulation of the debt capital markets—one minute guide. That Practice Note covers: • the Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II),

The principal legislative frameworks that govern the regulation of debt capital markets in the EU and the UK are set out below. Certain EU legislative measures remain in force in the UK as ‘assimilated law’ and continue to apply to the regulation of the debt capital markets in the UK. MiFID II/MiFIR EU Two of the central pieces of legislation governing the debt capital markets in the EU are the Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (EU MiFIR). EU MiFID II provides for the authorisation and regulation of entities whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities in relation to financial instruments on a professional basis (investment firms). The types of investment services and activities which are most relevant to debt capital markets are: • dealing on own account • underwriting of financial instruments and/or placing of financial

Law360, London: British and EU officials signed a new agreement on 25 February 2026 promising to notify each other of major merger and antitrust probes and co-ordinate their efforts 'when necessary', in what they called the first dedicated competition cooperation agreement following the UK's withdrawal from the EU.

The EU and the US have held the sixth meeting of the EU-US Trade and Technology Council (TTC) which is a key forum for close cooperation on transatlantic trade and technology issues, in Leuven, Belgium. The meeting involved building on ongoing work and present new deliverables of the TTC after two and a half years of cooperation, and aimed to portray a strong commitment to advance transatlantic leadership on emerging technologies and in the digital environment, enable bilateral trade and investment, boost collaboration on economic security, and defend human rights and values.

The European Commission has announced an enhanced co-operation on cybersecurity with the US following the EU-US Joint Cyber Safe Products Action Plan in October 2023. This collaboration between the Commission and US regulatory agencies aims to explore mutual recognition on cybersecurity requirements on Internet of Things hardware and software consumer products. Advanced co-operation in critical infrastructure protection, crisis management, software security, post quantum cryptography and cybersecurity of artificial intelligence has also been agreed. The EU has further announced its membership in the US-led Counter Ransomware Initiative policy statement, which commits the EU Member States’ authorities to not pay ransom to cyber criminals.

This timeline outlines the key developments relating to sustainable finance and environmental, social and governance (ESG) in the financial sector (and associated requirements, such as disclosures, transition plans) from an EU and international perspective. Sustainable finance and ESG (including climate change) issues relate to the integration of ESG factors, risks and preferences in financial products and services, as well as in investment, financing and business decisions, operations and risk management. For information on the Commission’s Sustainable finance action plan, see Practice Note: Climate change and sustainability issues for the EU financial sector. For information on UK and International developments, see Overview: Sustainable finance and ESG—overview. For information on EU, international and UK developments in Sustainable finance and ESG before 2021, see Checklist: Sustainable finance and ESG—timeline 2016–2021 [Archived]. 2026 Date Source Document Description 28 July 2026 European Commission Commission Delegated Regulation (EU) 2026/871 of 21 April 2026 supplementing Regulation (EU) 2024/3005 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements of ESG rating products

The EU Directorate-General for Migration and Home Affairs has announced that the Entry/Exit System (EES) will become fully operational on 10 April 2026 across 29 European countries, following its phased introduction on 12 October 2025, replacing passport stamping with a digital system that records entries, exits, refusals of entry, and the biometric and travel document data of non-EU nationals on short stays. During the initial roll-out, the system registered over 45 million border crossings, recorded more than 24,000 refusals of entry due to reasons such as insufficient justification or invalid documentation, and identified over 600 individuals posing security risks, whose records can be accessed by border authorities across participating countries. The use of biometric data has strengthened the detection of identity fraud by enabling the verification of fingerprints and facial images, leading to the identification of individuals using multiple identities, including a recent case in Romania involving a traveller previously refused entry several times under different identities, thereby supporting enhanced security at the EU’s external borders.

Notice of initiation of an anti-dumping proceeding concerning imports of certain cellulose ethers originating in the People’s Republic of China and the Republic of Korea has been published in the Official Journal of the EU.

The spreadsheet below provides details on infringement decisions issued by the European Commission under Article 7 of Regulation

The spreadsheet below provides details on commitments accepted by the European Commission under Article 9 of Regulation

This summarises completed EU antitrust enforcement actions since 2008. For more information on completed investigations, see Article 101 TFEU investigations—closed cases tracker and Article 102 TFEU investigations—closed cases tracker. 2025 Parties and case Industry sector Issues Decision AT.40966• Eurofield SAS• Unanime Sport SAS Synthetic turf Provision